NBIE vs. ICOW

Last updated Jun 4, 2026

NBIE (Neuberger International Core Equity ETF) and ICOW (Pacer Developed Markets International Cash Cows 100 ETF) are both Foreign Large Cap Equities funds. NBIE is actively managed, while ICOW is passively managed. Their correlation of 0.83 suggests significant overlap in exposure. NBIE charges 0.29%/yr vs 0.65%/yr for ICOW.

Performance

NBIE vs. ICOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger International Core Equity ETF (NBIE) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NBIE

• 1D: -0.68%
• 1M: 4.02%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOW

• 1D: -0.64%
• 1M: 3.47%
• YTD: 17.35%
• 6M: 18.06%
• 1Y: 39.15%
• 3Y*: 20.17%
• 5Y*: 10.06%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

NBIE vs. ICOW - Yearly Performance Comparison

	2026 (YTD)
NBIE Neuberger International Core Equity ETF	4.75%
ICOW Pacer Developed Markets International Cash Cows 100 ETF	7.78%

Correlation

The correlation between NBIE and ICOW is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 10, 2026	0.83

Return for Risk

NBIE vs. ICOW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ICOW

ICOW Risk / Return Rank: 84
ICOW Sharpe Ratio Rank: 86
ICOW Sortino Ratio Rank: 82
ICOW Omega Ratio Rank: 82
ICOW Calmar Ratio Rank: 86
ICOW Martin Ratio Rank: 84

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NBIE vs. ICOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger International Core Equity ETF (NBIE) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	NBIE	ICOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.87	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.10	0.55	+0.55

Drawdowns

NBIE vs. ICOW - Drawdown Comparison

The maximum NBIE drawdown since its inception was -5.76%, smaller than the maximum ICOW drawdown of -43.49%. Use the drawdown chart below to compare losses from any high point for NBIE and ICOW.

Drawdown Indicators

	NBIE	ICOW	Difference
Max Drawdown Largest peak-to-trough decline	-5.76%	-43.49%	+37.73%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.02%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-14.81%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-28.48%	—
Current Drawdown Current decline from peak	-0.68%	-0.64%	-0.04%
Average Drawdown Average peak-to-trough decline	-1.62%	-7.59%	+5.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.24%	—

Volatility

Volatility by Period

	NBIE	ICOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.41%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.59%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.83%	13.73%	+6.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.83%	16.64%	+3.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.83%	18.47%	+1.36%

NBIE vs. ICOW - Expense Ratio Comparison

NBIE has a 0.29% expense ratio, which is lower than ICOW's 0.65% expense ratio.

Dividends

NBIE vs. ICOW - Dividend Comparison

NBIE has not paid dividends to shareholders, while ICOW's dividend yield for the trailing twelve months is around 2.12%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICOW Pacer Developed Markets International Cash Cows 100 ETF	2.12%	3.03%	4.39%	3.61%	5.26%	2.11%	2.46%	3.10%	2.61%	0.80%
NBIE Neuberger International Core Equity ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NBIE and ICOW in my portfolio?

NBIE and ICOW have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NBIE or ICOW?

On fees, NBIE is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NBIE or ICOW?

NBIE is cheaper with a 0.29% expense ratio, compared with 0.65% for ICOW.

Which ETF pays a higher dividend yield, NBIE or ICOW?

ICOW has the higher dividend yield at 2.12%, compared with 0.00% for NBIE.

What is the main difference between NBIE and ICOW?

They also come from different issuers: Neuberger and Pacer. Their fees differ too: 0.29% for NBIE and 0.65% for ICOW.